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Following the recent report of superconductivity in the bilayer nickelateLa$_{3}$Ni$_{2}$O$_{7}$ under pressure, we present an analysis of theelectronic and magnetic properties of La$_{3}$Ni$_{2}$O$_{7}$ as a function ofpressure using correlated density functional theory methods (DFT+$U$). At thebare DFT level, the electronic structure of the ambient and high-pressurephases of La$_{3}$Ni$_{2}$O$_{7}$are qualitatively similar. Upon includinglocal correlation effects within DFT+$U$ and allowing for magnetic ordering, wefind a delicate interplay between pressure and electronic correlations. Withinthe pressure-correlations phase space, we identify a region (at $U$ valuesconsistent with constrained RPA) characterized by a high spin to low spintransition with increasing pressure. In contrast to previous theoretical workthat only highlights the crucial role of the Ni-$d_{z^2}$ orbitals in thismaterial, we find that the Ni-$d_{x^{2}-y^{2}}$ orbitals are active uponpressure and drive this rich magnetic landscape. This picture is preserved inthe presence of oxygen deficiencies.

Electronic structure and magnetic properties of La$_{3}$Ni$_{2}$O$_{7}$ under pressure: active role of the Ni-$d_{x^2-y^2}$ orbitals